央视网消息：9月17日，国务院新闻办举行新闻发布会，介绍《关于扩大服务消费的若干政策措施》 （以下简称《政策措施》）的主要内容及亮点。商务部副部长盛秋平在会上表示，在《政策措施》制定 过程中，以扩大服务消费为主要目标，着力解决制约服务消费发展的堵点、难点问题，主要表现为三个 坚持：坚持惠民生和促消费相结合、坚持优化供给和扩大需求相结合、坚持对外开放和对内放开。其 中，在统筹供给与需求方面，盛秋平指出，供给和需求相互影响、相互促进，新的需求可以催生新的供 给，新的供给也可以创造新的消费需求。所以政策措施坚持从供给和需求两端协同发力，以扩大优质供 给为切入点，集中开展消费新业态新模式新场景试点城市建设，推动创新和丰富服务消费场景，增加优 质供给。 ...

人民财讯9月17日电，9月17日，商务部副部长盛秋平在国新办新闻发布会上表示，在《关于扩大服务消 费的若干政策措施》制定过程中，以扩大服务消费为主要目标，着力解决制约服务消费发展的堵点、难 点问题，主要表现为三个坚持：坚持惠民生和促消费相结合、坚持优化供给和扩大需求相结合、坚持对 外开放和对内放开。 其中，在统筹供给与需求方面，盛秋平指出，供给和需求相互影响、相互促进，新的需求可以催生新的 供给，新的供给也可以创造新的消费需求。所以政策措施坚持从供给和需求两端协同发力，以扩大优质 供给为切入点，集中开展消费新业态新模式新场景试点城市建设，推动创新和丰富服务消费场景，增加 优质供给。 ...

（文章来源：央视新闻） 商务部有关负责人表示，《政策措施》提出5方面19条具体任务措施，坚持惠民生和促消费相结合，坚 持优化供给和激发需求相结合，坚持对外开放和对内放开相结合，吸引更多优质服务消费资源进入，解 决供给侧优质服务短缺问题，激发经营主体活力，提高服务供给的质量和效率。 今天（17日），国务院新闻办举行新闻发布会，介绍《关于扩大服务消费的若干政策措施》的主要内容 及亮点。 ...

Core Viewpoint - The stock of China Education Group Holdings (00839) has surged over 15%, currently up 16.96% at HKD 3.93, with a trading volume of HKD 655 million, driven by favorable government policies in the education sector [1] Group 1: Government Policy Impact - On September 16, the Ministry of Commerce and nine other departments issued policies to expand service consumption, highlighting the opening of pilot programs in education and encouraging market-oriented vocational training [1] - The education sector is expected to benefit from these new policies, creating opportunities for companies like China Education Group [1] Group 2: Company Characteristics - China Education Group Holdings is the largest listed higher and vocational education group in China, with operations in China, Australia, and the UK, covering higher education, vocational education, and continuing education [1] - The company operates several institutions, including Baiyun Technical College, Jiangxi University of Science and Technology, and Guangdong Baiyun College [1] Group 3: Financial Metrics and Valuation - Dongwu Securities noted that China Education Group has a history of substantial dividend and yield rates, with solid assets and good cash flow from advance payments [1] - The competitive barriers in the education industry are considered very high, and the company's valuation for 2025 is estimated to be around 3-6 times PE, indicating significant recovery potential [1]

Core Viewpoint - Tongcheng Travel (00780) has seen a significant increase in stock price, reaching a new high of 24.04 HKD, driven by favorable government policies aimed at boosting service consumption and tourism [1] Group 1: Company Performance - Tongcheng Travel's stock rose over 4%, currently trading at 23.94 HKD with a transaction volume of 240 million HKD [1] Group 2: Industry Insights - The Ministry of Commerce and nine other departments issued a notice on September 16, outlining measures to expand service consumption, including attracting more foreign visitors and optimizing student holiday arrangements [1] - The notice suggests exploring the establishment of spring and autumn breaks for primary and secondary schools, which would shorten winter and summer vacations, thereby increasing opportunities for travel and service consumption [1] - Citigroup anticipates that if these policies are implemented, there will be a significant increase in long-term family travel [1] - The upcoming Golden Week holiday will last for 8 days, one day longer than last year, leading Citigroup to predict strong tourism demand, particularly for long-distance and outbound travel [1]

同程旅行(00780)涨超4%，高见24.04港元创上市新高。截至发稿，涨4.18%，报23.94港元，成交额2.4亿 港元。 消息面上，商务部等9部门9月16日印发《关于扩大服务消费的若干政策措施》的通知。其中提到，吸引 更多境外人员入境消费，及优化学生假期安排，完善配套政策。探索设置中小学春秋假，相应缩短寒暑 假时间，增加旅游出行等服务消费时间。对此，花旗认为，若政策落地实施，可显著增加长线家庭旅 游。花旗还指出，今年黄金周假期共有8日，较去年多1日，该行预计期间旅游需求将强劲，长线游及出 境游可更受惠。 ...

国家统计局日前发布的数据显示，8月份，社会消费品零售总额39668亿元，同比增长3.4%；环比 增长0.17%。从消费类型来看，商品零售额增长3.6%，同比增速有所放缓，餐饮收入增长2.1%，同比增 速相对6月、7月略有改善，但是也处于低位增长。 长江商报奔腾新闻记者 李璟 服务消费是促进民生改善的重要支撑，也是消费转型升级的重要方向，在推动经济高质量发展中发 挥重要作用。 9月16日，商务部等9个部门联合印发《关于扩大服务消费的若干政策措施》（简称《政策措 施》），全面贯彻落实党中央、国务院决策部署，更大力度提振消费、扩大内需，促进民生改善和消费 转型升级，积极培育服务消费新的增长点，为推动经济高质量发展提供有力支撑。 值得注意的是，服务消费保持较快增长，暑期服务消费热度较高。1-8月份，服务零售额同比增长 5.1%。扩大服务消费新举措的及时出台，或将对下个阶段的服务消费起到明显拉动作用。 《政策措施》从5方面19条具体任务措施，在培育服务消费促进平台方面，实施服务消费提质惠民 行动，从加强政策支持、搭建平台载体、扩大对外开放、强化标准引领、优化消费环境等方面提出工作 举措。开展消费新业态新模式新场景建设， ...

Core Viewpoint - The Ministry of Commerce and nine other departments issued policies on September 16 to boost consumption and expand domestic demand, presenting multiple investment opportunities in the social service industry [2]. Education Sector - Focus on K12 education and vocational training, with policies supporting the opening of more educational fields and encouraging foreign investment in non-academic training institutions [3]. - The approval process for K12 non-academic training licenses is expected to become smoother, benefiting employment-oriented vocational education [3]. - Recommended investment opportunities include K12 education companies like DouShen Education, Angli Education, and Zhuoyue Education Group, as well as vocational education firms like China Oriental Education and related training companies [3]. Tourism Sector - Emphasis on attracting more foreign visitors and expanding visa-free policies, along with encouraging travel agencies and online platforms to create unique travel routes for foreigners [4]. - Suggested investment opportunities include OTA companies like Ctrip Group, scenic spots such as Xiyu Tourism and Emei Mountain A, hotels like ShouLai Hotel and Junting Hotel, and tourism retail firms like China Duty Free Group and Wangfujing [4]. IP Sector - Focus on exploring the market value of traditional cultural IP and creating new service consumption scenarios through quality performances, animation, games, and films [5]. - Recommended investment opportunities include tourism performances like Songcheng Performance and trendy toys like Pop Mart [5]. Sports Sector - Encouragement to introduce foreign sports events and support local hosting of popular sports events, aiming to create well-known competitions and brands with independent intellectual property rights [6]. - Suggested investment opportunities include event operation companies like Lisheng Sports and Lansheng Co [6]. Exhibition Sector - Focus on cultivating international markets for medical and exhibition services [7]. - Recommended investment opportunities include exhibition companies like Lansheng Co and Miao Exhibition [7]. Nursing Sector - Emphasis on strengthening training for personnel in elderly care, domestic services, and long-term care [8]. - Suggested investment opportunity includes Saint Bella [8].

Report Industry Investment Rating No information provided Core Viewpoints - China's domestic policy expectations are rising, with potential incremental policies and fiscal stimulus to address external pressures. The US inflation outlook is clearer, and the Fed is likely to restart the interest rate cut cycle in September. Attention should be paid to the subsequent interest rate cut path and the performance of the US real estate market. In the commodity market, there are opportunities for multi - allocation of industrial products and precious metals [1]. - Different commodity sectors have different characteristics. The black and new energy metal sectors are sensitive to domestic supply - side factors, while precious metals and agricultural products are related to overseas inflation expectations. There are also "anti - involution" opportunities in some chemical products. Precious metals are suitable for multi - allocation as the Fed is about to restart the interest rate cut cycle [2]. - For commodities and stock index futures, it is recommended to allocate industrial products and precious metals on dips [3]. Summary by Relevant Catalogs Market Analysis - China: In August, external pressure increased marginally, with weakened exports to the US but resilience in non - US exports. To address this, the government has frequently mentioned stable - growth policies. New social financing and loans increased in August, and the M2 - M1 gap reached a four - year low. The economic data in August showed characteristics of "slow industry, weak investment, and light consumption", and more policies are expected. The stock market had a good performance on September 16, with more than 3,500 stocks rising, and the robot concept stocks booming. Domestic commodity futures mostly rose [1]. - US: The August ISM manufacturing index contracted for the sixth consecutive month, with new orders improving and the price index falling again. The CPI increased year - on - year, while the PPI growth slowed. The new non - farm payrolls and unemployment rate in August were both worse than expected, supporting the Fed's interest rate cut. Retail sales in August increased by 0.6% month - on - month, better than expected. The Fed is likely to restart the interest rate cut cycle in September, and attention is on the subsequent interest rate cut path. The US CBO significantly lowered the economic growth forecast for this year, and the Trump administration announced a reduction in Japanese automobile import tariffs [1]. Commodity Analysis - Black and new energy metal sectors are sensitive to domestic supply - side factors. The black sector is still dragged down by downstream demand expectations. The long - term supply limitation in the non - ferrous sector remains unresolved, but the marginal supply has slightly increased recently. The energy sector has a relatively loose supply in the medium - term as OPEC + plans to increase production in October. In the chemical sector, the "anti - involution" space of some products is worth attention. Agricultural products are driven by short - term tariffs and inflation expectations but need fundamental signals and are affected by Sino - US negotiations. Precious metals are suitable for multi - allocation as the Fed is about to restart the interest rate cut cycle [2]. Strategy - For commodities and stock index futures, it is recommended to allocate industrial products and precious metals on dips [3]. Important News - The Ministry of Commerce and other nine departments issued policies to expand service consumption, including opening up the service industry at a high level and expanding open - pilot areas in relevant fields [1][5]. - Sino - US economic and trade talks in Madrid reached a basic framework consensus on issues such as resolving the TikTok problem, reducing investment barriers, and promoting economic and trade cooperation [1][5]. - The stock market on September 16 had a good performance, with more than 3,500 stocks rising, and the robot concept stocks booming. Gold prices reached a record high. US retail sales in August were unexpectedly strong, and the Fed's interest rate decision - making list was finalized. The Trump administration announced a reduction in Japanese automobile import tariffs [1][5].

Core Viewpoint - The Ministry of Commerce and nine other departments released policies to expand service consumption, emphasizing the importance of service consumption in improving livelihoods and driving economic growth [4]. Group 1: Policy Measures - The policies include 19 measures across five areas, such as launching "Service Consumption Season" activities and extending operating hours for popular cultural and tourist venues [1][4]. - There is a focus on optimizing student holiday arrangements and enhancing the supply of quality services to meet diverse consumer needs [1][4]. Group 2: Service Consumption Promotion - A plan for service consumption quality improvement will be implemented, including policy support and platform development to enhance consumer experiences [5]. - New pilot cities will be established to explore innovative service consumption models and scenarios, promoting collaboration between quality resources and well-known IPs [5]. Group 3: High-Quality Service Supply - The policies aim to expand high-level openness in the service industry, particularly in internet, culture, telecommunications, and healthcare sectors [5]. - There will be efforts to enhance cultural offerings by supporting the creation of high-quality artistic and cultural products, and optimizing the supply of cultural services [5]. Group 4: Stimulating New Service Consumption - Measures will be taken to attract more foreign visitors for consumption, including optimizing visa policies and promoting China's cultural resources [6]. - Digital service consumption will be expanded, encouraging e-commerce platforms to innovate in integrating online and offline services [7]. Group 5: Financial Support - The government will utilize various funding channels to support the construction of service facilities in culture, tourism, and healthcare sectors [6][7]. - Financial institutions will be encouraged to increase credit support for service consumption, with a focus on developing tailored financial products [7]. Group 6: Statistical Monitoring - The policies include optimizing service consumption statistics to better reflect regional developments and encourage the use of big data for monitoring [7].